Covestor Ltd Cuts Stake in ResMed Inc. (NYSE:RMD)

Covestor Ltd lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 11.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 400 shares of the medical equipment provider’s stock after selling 51 shares during the quarter. Covestor Ltd’s holdings in ResMed were worth $92,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Howard Capital Management Inc. increased its holdings in shares of ResMed by 5.3% in the fourth quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock valued at $206,000 after purchasing an additional 45 shares during the period. SkyView Investment Advisors LLC raised its position in shares of ResMed by 2.0% in the third quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider’s stock worth $637,000 after acquiring an additional 51 shares during the period. Wedmont Private Capital boosted its stake in shares of ResMed by 2.6% during the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock worth $475,000 after acquiring an additional 52 shares in the last quarter. Faithward Advisors LLC grew its holdings in ResMed by 4.3% in the fourth quarter. Faithward Advisors LLC now owns 1,279 shares of the medical equipment provider’s stock valued at $292,000 after purchasing an additional 53 shares during the period. Finally, HighPoint Advisor Group LLC raised its stake in shares of ResMed by 2.6% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider’s stock worth $610,000 after buying an additional 64 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction of $484,220.00. Following the transaction, the director now owns 77,218 shares of the company’s stock, valued at $18,695,249.98. This represents a 2.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the sale, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at approximately $107,842,105.44. This trade represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,013 shares of company stock worth $11,298,816. Company insiders own 0.71% of the company’s stock.

ResMed Price Performance

ResMed stock opened at $213.59 on Monday. The business has a 50 day simple moving average of $225.64 and a 200-day simple moving average of $235.39. ResMed Inc. has a 12 month low of $172.19 and a 12 month high of $263.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. The stock has a market capitalization of $31.37 billion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Equities analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed’s dividend payout ratio is presently 25.03%.

Wall Street Analyst Weigh In

RMD has been the subject of a number of research reports. The Goldman Sachs Group started coverage on shares of ResMed in a research note on Thursday, January 16th. They set a “buy” rating for the company. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research report on Friday, January 31st. Morgan Stanley began coverage on ResMed in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 target price on the stock. Finally, UBS Group upgraded ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.73.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.